With your wealth I cannot see why you would want to start SS at age 64. Maybe one of you at full retirement age and the other at 70 or later if laws change.
You hinted that you have no fixed income investments in your taxable account, but please confirm that your Form 1040 Schedule B has less than $20 on the top half and the bottom half has only qualified dividend income.
As for Roth conversions our real-world experience is to bunch tax deductions so that we itemized in 2021, 2023, 2025, ... and take the standard deduction in 2022, 2024, 2026 .... Then we do larger Roth conversions in 2021, 2023, 2025, ... and smaller ones in 2022, 2024, 2026, ... We keep our taxable income in the bracket such that qualifieid dividend income is taxed at 0%, long-term capital gains is taxed at 0%, return of capital is NOT taxed, .... Note that getting SS benefits when you don't' need them messes that up even though only 15% of SS is tax-free.
Health insurance expenses should also be untaxed with HSA, HDHP if possible.
You hinted that you have no fixed income investments in your taxable account, but please confirm that your Form 1040 Schedule B has less than $20 on the top half and the bottom half has only qualified dividend income.
As for Roth conversions our real-world experience is to bunch tax deductions so that we itemized in 2021, 2023, 2025, ... and take the standard deduction in 2022, 2024, 2026 .... Then we do larger Roth conversions in 2021, 2023, 2025, ... and smaller ones in 2022, 2024, 2026, ... We keep our taxable income in the bracket such that qualifieid dividend income is taxed at 0%, long-term capital gains is taxed at 0%, return of capital is NOT taxed, .... Note that getting SS benefits when you don't' need them messes that up even though only 15% of SS is tax-free.
Health insurance expenses should also be untaxed with HSA, HDHP if possible.
Statistics: Posted by livesoft — Sat Nov 09, 2024 5:24 am — Replies 4 — Views 577